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ANNUAL REPORT 2015 168-200 Connaught Road Central, Hong Kong ANNUAL 2015 REPORT

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ANNUAL REPORT 2015 168-200 Connaught Road Central, Hong Kong ANNUAL 2015 REPORT UNITED PHOTOVOLTAICS GROUP LIMITED GROUP UNITED PHOTOVOLTAICS UNITED PHOTOVOLTAICS GROUP LIMITED Hong Kong Stock Code: 00686 UNITED PHOTOVOLTAICS GROUP LIMITED Unit 1012, 10/F, West Tower, Shun Tak Centre ANNUAL REPORT 2015 168-200 Connaught Road Central, Hong Kong www.unitedpvgroup.com ANNUAL REPORT 2015 ANNUAL United Photovoltaics Group Limited • Annual Report 2015 2 Letter to Investors Contents 8 Company Profile 9 Corporate Information 10 Biographies of Directors and Senior Management 16 2015 Highlights 18 2015 Awards 22 Investor Relations 26 Management Discussion and Analysis 38 Report of Corporate Governance 57 Directors’ Report 73 Independent Auditor’s Report 75 Consolidated Statement of Profit or Loss 77 Consolidated Statement of Comprehensive Income 78 Consolidated Statement of Financial Position 80 Consolidated Statement of Changes in Equity 82 Consolidated Statement of Cash Flows 84 Notes to the Financial Statements 163 Five-year Financial Summary 164 Information for Investors 2 United Photovoltaics Group Limited • Annual Report 2015 Letter to Investors Dear valued investors, The year 2015 witnessed the end of China’s “12th Five-year Plan” and the formulation of the “13th Five-year Plan”. In this year, China implemented its “economical, clean and secure” energy strategy and accelerated the transformation of energy consumption structure. United Photovoltaics Group Limited (“United PV” or the “Company”, together with its subsidiaries, the “Group”) closely followed the national development policies on the new energy industry, further consolidated the fundamentals of the Group. In 2015 the Group accelerated the acquisition and development of solar power plants, proactively broadened our financing channels, enhanced the smart management level of solar power plants with the aid of advanced technology, and built a talent team. All employees made concerted and vigorous efforts and achieved remarkable results. For the year of 2015, the Company recorded an EBITDA of approximately RMB480 million, representing an increase of 73% as compared with that of last year, and the sales of electricity increased to approximately RMB631 million, representing a year-on-year growth of 66%, and the net profit increased to approximately RMB373 million, representing a year-on-year growth of 43%. Acceleration in Acquisition and Becoming a “Top Runner” in Photovoltaic Industry In 2015, the Group primarily engaged in acquisitions, complemented with self-development, having successfully achieved rapid expansion by consolidating large-scale ground-based solar power plants. As of 31 December 2015, the newly added installed capacity of the Group and its associates increased by 419.8MW, and the beneficially owned aggregate installed capacity amounted to around 1GW. In addition to the continuous disposition in areas with rich solar power resources such as Inner Mongolia, the Group achieved strategic expansion into areas with strong demand for electricity and good condition for power transmission such as Hubei, Shanxi and Yunnan. On 4 August 2015, United PV was granted the exclusive right to develop and operate a 100MW solar power plant project in Datong, Shanxi (the “Project”). The Project is located in the Coal Mining Subsidence National Advanced Technology Solar Demonstration Base in Datong, which is the first demonstration project implemented under the “Top Runner” Program of photovoltaic industry in China and will effectively promote the healthy competition and development of China’s photovoltaic industry. The Project also marks a milestone for the transformation and upgrade of Datong from traditional industries to emerging industries, from black energy to green energy and from high-carbon economy to low-carbon economy. To ensure that the winning bidder possesses the competency of being a top runner in the industry, the National Energy Administration set stringent requirements for the projects in the base in respect of key technical standards, construction specifications, operation and maintenance management and information monitoring. In addition, the department of energy in Shanxi chose the development and investment enterprises with strong technical capability and investment management strength through competitive selecting mechanism. Subsequently, the enterprises chose products that satisfy the advanced technical standards of the “Top Runner” Program through market mechanism. The successful bid for the Project made United PV a “top runner” in photovoltaic industry, which is not only an indication of the Group’s development, construction, operation and maintenance ability, but also recognition of United PV as a “resources integrator” in the industry. United Photovoltaics Group Limited • Annual Report 2015 3 Letter to Investors 4 United Photovoltaics Group Limited • Annual Report 2015 Letter to Investors Based in China, United PV also set sights on international market. In December 2015, we established the overseas business department to develop the overseas market of solar power plants. United PV has maintained close cooperation with various international financial institutions and has gained strong support in projects and financing. Diversifying the Capital Sources and Broadening Extensive Financing Channels for Future Development United PV has been committed to broadening the financing channels in order to provide long-term, stable, cost-reasonable and sufficient capital sources for acquisition and development of solar power plants. In 2015, United PV issued various three-year convertible bonds with an aggregate amount of approximately RMB1,941 million. The subscribers included China Merchants Fund Management Limited, a subsidiary of China Orient Asset Management (International) Holding Limited, a subsidiary of China Huarong International Holdings Limited, a subsidiary of Fosun International Limited and a subsidiary of Qingdao City Construction Investment (Group) Co., Ltd.. In addition, the Group also achieved substantial progress in arranging for long-term loans and finance leasing. For the year of 2015, United PV received a total proceeds of approximately RMB2,346 million from bank loans, finance leasing and other financing methods. With unremitted efforts from its management, United PV has gradually become a cross-industry platform integrated with new energy and finance that has received recognition and acknowledgement from the capital market in respect of company performance, potential and future development. In August 2015, United PV was selected as a constituent of the five major indexes by Hang Seng Indexes Company Limited: Hang Seng Composite Index Series (Hang Seng Composite Index, Hang Seng Composite Index — Industrials, Hang Seng Composite MidCap & SmallCap Index and Hang Seng Composite SmallCap Index) and Hang Seng Global Composite Index effective since 14 September 2015. In November 2015, United PV was selected as a constituent of the Global Small Cap China Index by Morgan Stanley Capital International (“MSCI”). Improving the Smart Management Level of Solar Power Plants by Leveraging on Cutting- edge Technology In 2015, the Global Smart PV Cloud Management Center (the “Cloud”) jointly developed by China Merchants New Energy Group Limited and Huawei Technologies Co. Ltd., the leading company in global internet technology, was officially put into service to monitor our solar power plants operation. The Cloud is a product integrated with internet technology and energy management. With the Cloud, United PV implemented centralised management for the solar power plants under the Group, and achieved all-round management in production, human resources, assets and information, enhanced the operation and maintenance efficiency of the solar power plants, increased the total power generation volume and decreased operation and maintenance costs. Solar power plants located in different places across the nation are connected to the Cloud, and United PV manages such plants as if they are local solar power plants and analyses the annual and monthly performance of each power plant to assist the management of the Group in making decisions. United Photovoltaics Group Limited • Annual Report 2015 5 Letter to Investors The Cloud centralises the management and maintenance analysis and experts resources of the Group, which indicates that United PV has successfully transformed the solar power plants operation and maintenance from the old pattern into the new pattern of internet era in three aspects, namely from passive operation and maintenance to active operation and maintenance, from on-site operation and maintenance to mobile/remote operation and maintenance and from extensive management to refined management. Prospects In 2016, the Group will accelerate the strategic adjustment of distribution of solar power plants, comprehensively improve the capital utilisation, carry out in-depth optimization for operation and maintenance, and promote the innovation of management system and building of professional teams. Furthermore, the Group will continuously enhance its comprehensive competitiveness, market influence, and culture cohesion, aiming for more favorable operations and development results and creating a new landscape for the Group’s green development. Nowadays, climate change has become a globally recognised threat, and the utilisation of fossil energy has been increasingly constrained. Therefore, the development of new energy will be the general trend of the times. In accordance with the “Working Draft of the 13th Five-Year Plan on Renewable
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